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UK, France, Germany welcome expansion of INSTEX to circumvent US sanctions on trade with Iran

INSTEX allows Iran to continue to sell oil and import other products or services
20:43, 1 December 2019
Open source
 
The UK, France, and Germany issued a joint statement in which they welcomed the decision of six European countries to join as shareholders a special settlement instrument with Iran - INSTEX (Instrument in Support of Trade Exchanges), created to circumvent US sanctions for trade with Iran. This was reported in a joint statement of the three countries.
 
"As founders of the Iran Settlement Instrument (INSTEX) France, Germany and the United Kingdom warmly welcome the decision of the governments of Belgium, Denmark, Finland, the Netherlands, Norway, and Sweden to join INSTEX as shareholders," the statement said.
 
The Paris-based INSTEX operates as a clearing center, allowing Iran to continue to sell oil and import other products or services.
 
Related: Supreme Iran's leader restores ban on negotiations with U.S.


On the eve the six mentioned countries in a joint statement noted that they "see great importance in the preservation and full implementation of the Joint Comprehensive Action Plan (JCPOA) on the Iranian nuclear program by all interested parties."

INSTEX was created by the United Kingdom, Germany, and France in January 2019 in connection with the US withdrawing from the JCPOA and Washington's restoration of anti-Iranian sanctions, which provide for Iran to bring oil exports to "zero". Sanctions may include countries that continue oil cooperation with Iran.
 
 
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